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EOFY 2022: Important End Of Financial Year Dates

Author: Tailored Accounts

It's nearing the end of the financial year. And because EOFY is always a hectic time of the year, Tailored Accounts would like to save you some time by sharing some important dates to be aware of so you can get ahead of the game. 

Super Contributions

To be eligible for a tax deduction in the current Financial year, your final superannuation guarantee payment for EOFY should be made 7-10 days before 25th June (allow for delays) to ensure that super funds receive the contributions by 30th June.

Salary Sacrifice Super payment will happen on the same date to ensure that the salary sacrifice super contribution appears in this financial year’s payment summary.

If your Super is being managed by Tailored Accounts, all the deadlines will be met so there won’t be any hassle for you! Super reports and reminders will be sent out well in advance so that you will have sufficient time to review and make super payments before the deadline.

Make sure you are aware of the following rules:

  • The concessional contribution cap is $27,500 for all individuals regardless of age for this income year.
  • Concessional contributions include employer contributions (including contributions made under a salary sacrifice arrangement) and employee personal contributions claimed as a tax deduction

Single Touch Payroll (STP) Submission & Reconciliation

If you are managing your own payroll, you will need to have STP ready for employees by 14th July and the ATO by 14th August.

Tailored Accounts will be preparing STP on behalf of our clients and submitting them to the ATO. We will submit STP to the ATO by 14th August via STP enable software. Your payroll summary (which used to be called payment summaries) will automatically show up in your MyGov's ATO section.

Final Business Activity Statements for this FY

April – June BAS is not due until 28th July or 25th August if you are using BAS/Tax Agent to lodge online. Tailored Accounts will be asking our clients to send us the quarterly paperwork a few days after 1st July. This will help us with End of Year reconciliation and ensure that your BASs are complete before the due date.

Thank you for entrusting Tailored Accounts with your EOFY services – We guarantee that 100% of your payment summaries are completed before the 14th July due date!

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End Of Financial Year 2021 Tips For Managers and Business Owners

Author: Harry Hoang CPA | CEO of Tailored Accounts

End of financial year can be a stressful time for executives and business owners. But think of it this way—you’re running a marathon, it’s not far from the finish line, you just need to push through to achieve your personal and business goals. Here’s a quick checklist to help you get your financial affairs in order before the 30 June deadline. 

  • Undertake analysis - To see if you will achieve your budget in the last quarter. If you haven’t made budget, consider what you can do? Cut costs? Improve sales? Or lower your expectations?
  • Review your financial performance from July to end of financial year - The best report in any accounting software is multiple period profit and loss. This report compares monthly performance so you can see which month is the best and which one is the worst. It also helps you to monitor recurring costs and highlights if costs have spiraled in any particular month.
  • Cash is king - Review your cash flow to include big ticket items so you don’t get any surprises towards the end of the financial year. Make sure your cash flow includes last quarterly BAS; last quarterly super; FBT; company tax return; personal tax return; accounting and/or auditing costs.
  • Revisit your business plan - Review or prepare your business plan for the next year and 5 years.

Last but not least, pay attention to these critical due dates:

  • 21 June - Lodge and pay May 2021 Business Activity Statement (BAS) if you pay monthly.
  • 23 June - Payments for super guarantee contributions should be made on this day.
  • 30 June - Super guarantee contributions must be received by your employees' fund by this date to qualify for a tax deduction in the 2020–21 financial year.
  • 1 July - Sole traders can lodge your individual tax return from this day until 31 October if you're preparing it yourself.
  • 1 July - The minimum super contribution rate on ordinary times earnings paid to your employees is to increase from $9.5% to 10%. If your payroll system is not a computer-based software package, you will need to make the calculations yourself. Do you want your business to fund the increase in contributions? Or do you want your employees to fund the increase, thus lowering the take-home pay of your employees? You may need to obtain legal advice on your employee's employment contracts.
  • 14 July - STP finalisation is due to be lodged.

It is important that you should arrange an appointment with your accounting advisors. EOFY period is a great time to review your business performance and financial goals. Make an appointment with your accountants to discuss what could be done better in a new FY. At Tailored Accounts, our team of accounting and tax agent professionals are ready to help you achieve your goals. Contact us today for accounting and compliance assistance. 

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